Greater China

A weaker PBoC renminbi fixing has fuelled a Chinese equity sell-off and backed some flattening momentum across the CNY NDIRS curve today. Meanwhile, China has renewed a currency swap agreement with Singapore, writes Deirdre Yeung of Total Derivatives.

Chinese regional lender Bank of Tianjin has kicked off bookbuilding for its Hong Kong IPO after covering over half of the up to HK$9.5bn ($1.2bn) with cornerstone investors.

Malaysian telecommunications giant Axiata Group and Bank of Communications Financial Leasing are looking to tie up their respective dollar offerings on Tuesday with the former executing a sukuk and the latter a conventional bond.

The securitization of non-performing loans will be one of the key tasks for the China Banking Regulatory Commission this year, according to chairman Shang Fulin.

Chinese e-commerce group Alibaba has launched its latest loan at $3bn, less than a week after it signed an agreement with eight mandated lead arrangers and bookrunners. However, the financing could be even bigger, with the top group hoping demand will be strong enough to increase it to $4bn by the end of syndication.

China Zheshang Bank has launched a Hong Kong IPO of up to HK$13.6bn ($1.75bn), which has the potential to be the largest listing in the city so far in 2016.

The Chinese green bond market is really starting to shape up with Bank of Qingdao (BQD) becoming the country’s third issuer domestically following the asset class’ debut this year.

Hong Kong-based Chong Hing Bank (CHB) is marketing its debut Panda bond of up to Rmb1.5bn ($231m) and is aiming to price the deal this month, several sources close to the deal have told GlobalRMB.

Bank of Tianjin has commenced pre-deal investor education to test the waters for its $1bn Hong Kong IPO, say bankers.

Hong Kong MTR Corp’s tightly priced HK$15bn ($1.9bn) loan has attracted interest from more than 20 banks in syndication, according to sources.

Malaysia Building Society (MBSB) has announced a two-call rights issue that will see it raise up to MR2bn ($487m) from shareholders.

In this round-up, Malaysia opens RMB qualified foreign institutional investor (RQFII) applications, Macau launches a RMB real time gross settlement (RTGS) payment system, China Construction Bank (CCB) will join the new London silver fix, and the Singapore Exchange (SGX) reported a strong start to RMB currency futures trading in 2016. Plus, a recap of GlobalRMB's top stories this week.